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3. Life Insurance May be a Good Idea Even if You Don't Have a Spouse or Kids

Do you have a mortgage? How about student loans that you're paying off? Who has to pay those off if you should pass away unexpectedly? If your parents, grandparents, or any other loved one co-signed on those loans, they're going to be stuck with a monthly bill they haven't planned for. And in the case of student loans, they have no asset to sell to cover the bill. Your life insurance policy, however, can help repay all those debts so your loved ones aren't hit with a double blow.

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